Question No 15 Chapter No 17 - USHA Publication 11 Class

Question No 15 Chapter No 17

Table of Contents

The solution of Question No 15 Chapter No 17:-

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Trading and Profit & Loss Account and Balance Sheet

15.From the following balance taken from the book of Anill Sanghvi you are required to prepare Trading and Profit and Loss account for the year 31st March 2019 and calculate Gross Profit, Operating Profit and Net Profit.

	Rs		Rs
Opening stock	35,000	Dividend Received	9,000
Sales	80,000	Rent received	5,000
Purchases Return	6,000	Sales Return	7,000
Purchases	65,000	Charity	1,600
Discount allowed	1,500	Commission received	1,100
Loss To fire	3,400	Wages	1,300
Interest on capital	2,100	Bad debts recovered	3,400
Salaries	8,600

Closing Stock Rs 43,000

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The solution of Question No 15 Chapter No 17:-

Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		35,000	By Sale A/c	80,000
To Purchases A/c	65,000		Less: return	7,000	73,000
Less: Return	6,000	59,000	By Closing Stock		43,000
To Wages A/c		1,300
To Gross Profit A/c		20700
		1,16,000			1,16,000

Profit/Loss A/c
Particular	Amount	Particular	Amount
To Discount allowed A/c	1,500	By Gross Profit A/c	20700
To Salaries A/c	8,600	By Bad debts Recovered A/c	3,400
		By Commission received A/c	1,100

To Operating profit A/c	15,100
	25,200		25,200

Profit/Loss A/c
Particular	Amount	Particular	Amount
To Loss To fire A/c	3,400	To Operating profit A/c	15,100
To Interest on Capital A/c	2,100	To Bad Dividend Received A/c	9,000
To Charity A/c	2,100	To Rent Received A/c	5,000

To Net Profit A/c	22,000
	29,100		29,100